Interim Management Statement (5862B)

TIDMAIT

RNS Number : 5862B

Active Capital Trust PLC

18 April 2012

   To:       RNS 
   Date:    18 April 2012 
   From:   Active Capital Trust plc

Interim Management Statement

For the three month period from 1 December 2011 to 29 February 2012

Investment objective

To realise value from the Company's portfolio of investments and progressively return cash to Ordinary Shareholders.

Performance summary

 
                                     As at               As at 
  Capital return          29 February 2012    30 November 2011               Movement 
 
 Total Assets              GBP11.7 million     GBP11.3 million                  +3.6% 
 Net asset value per 
  ordinary share                     22.8p               22.0p                  +3.6% 
 Ordinary Share price                18.5p               16.0p                 +15.6% 
 FTSE Small Cap (ex 
  IC) Index                        2494.09             2164.78                 +15.2% 
 FTSE AIM All-Share 
  Index                             825.73              696.40                 +18.6% 
  Discount                           18.8%               27.3% 
 
 Actual Gearing# 
  (100 = nil geared 
  position)                             93                 100

# Explanation of gearing as per Annual Report.

 
                                                                   For the three month period 
                                                                       ended 29 February 2012 
 
  Total return 
 Net asset value per ordinary share                                                     +3.6% 
 Ordinary Share price                                                                  +15.6% 
 FTSE Small Cap (ex IC) Index                                                          +15.7% 
 FTSE AIM All-Share Index                                                              +18.7%

Source: F&C Investment Business Limited, Datastream.

Review

During the period, Netcall one of the Company,s holdings reached the target price set for realisation and the holding was sold realising GBP884,000. Strategies continue to be pursued for the other holdings with a view of both creating liquidity events and the maximising of value from the portfolio. Since the period end, the Company has sold its holding in AI Claims Solutions for a consideration of GBP3.98 million representing a premium of 20% over the holding value at 29 February 2012. The consideration for this sale was received 50% in cash with the remainder in shares in Quindell Portfolio shares at 8 pence per share. These new Quindell shares are subject to an orderly market agreement but should demonstrate significantly greater liquidity than the shares we held in AI Claims and based on market forecasts could provide the opportunity for further capital growth over the near term. As a result of these two transactions, the Company has generated further cash from portfolio realisations to enable a further distribution to shareholders of 6 pence per share which will be made paid on 27 April 2012.

Investment Portfolio

 
 
                            Percentage of total 
  Company                                assets 
                               29 February 2012 
 AI Claims Solutions                       28.3 
 AorTech International                     27.6 
 Cambridge Sensors                         18.3 
 IS Solutions                              11.7 
 Transense Technologies                     2.5 
 Ranier                                     2.1 
 Tissuemed                                  1.2 
 Infrastrata                                0.7 
 Radicle Projects                           0.4 
                                           92.8

Sector breakdown

 
 
                      Percentage of total 
                    assets at 29 February 
                                     2012 
 Health Care                         49.2 
 Financials                          28.7 
 Technology                          11.7 
 Consumer Goods                       2.5 
 Oil & Gas                            0.7 
 Cash                                 7.2 
 Total                              100.0

Other than the sale of AI Claims Solutions and the sixth return of capital to shareholders, mentioned above, the Board is not aware of any significant events or transactions which have occurred between 29 February 2012 and the date of publication of this statement which would have a material impact on the financial position of the Company.

Daily and key information

Further information regarding the Company, including daily net asset values published since the end of the period can be found at the Company's website www.activecapitaltrust.co.uk, or at www.fandc.com.

   Year end:                      31 May 
   Issued share capital:      51,437,364 ordinary shares

This Interim Management Statement has been prepared solely to provide information to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules.

For further information please contact:

   Bill Brown, Investment Manager, Bluehone Investors LLP                           0207 831 5088 
   Derek Osborne, Company Secretary, F&C Asset Management plc             0207 628 8000

This information is provided by RNS

The company news service from the London Stock Exchange

END

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